Veterans' Housing Opportunity and Benefits Improvement Act of 2006

[AI summary unavailable — showing source text] Veterans' Benefits Improvement Act of 2005 - Amends federal provisions concerning the Servicemembers' Group Life Insurance (SGLI) program to direct the Secretary of Defense to make a good-faith effort to notify the spouse of a member of the Armed Forces insured under such program if such member elects at any time to either reduce coverage amounts or name a beneficiary other than the spouse. Increases from $250,000 to $400,000 the maximum coverage that may be elected by an insured member, to be evenly divisible by $50,000. Increases from one to two years after separation from active duty (for an active-duty member) or release from active-duty assignment (for a member of the Ready Reserve) the duration of such coverage, if the member is totally disabled after such duty. Increases from $250,000 to $400,000 the maximum amount of Veterans' Group Life Insurance (VGLI) that may be elected by an insured veteran. States that interest rate adjustments, under a veterans' adjustable rate mortgage demonstration program offered by the Secretary of Veterans Affairs, shall be limited to such percentage as such Secretary may prescribe. (Currently, that adjustment is limited to a one percentage poin…